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Home My WebLink About0419 Ordinancec ORDINANCI$ NO. 419, AN ORDINANCE PRO.V.IDING FCR THE BORROV';ING OF $18,000.00 BY THE CITY OF PASCO ''.ASi�TNGTOI� FOR THE PURPOSE OF PAYING DAMA-GES ASSESSED TO ABUTTING PROPERTY OWNERS; TO BE OCCASIONED BY TIT r CONSTRUCTION 0F. THE 'JNDERCROSSING UNDER THE TRACKS AND RIGHT OF WAY OF THE NORTHERN PACIFIC RAILWAY CMTANY? 4S ?ROPOSED IN THE PLANS HERETOFORE ADOPTED BY THE -STATE HIGHWAY DEPARTMENT AND AS ASCERTAINED IN THE CONDMINATION PROCEEDING REGENTLY.HAD FOR THAT FURFOSE; AND FOR THE I'�� !--OSE O- �'-.YING THE COSTS. AN- EX ENSES OF SUCH CONDMaIATION SUIT A10 OTHER COSTS AND EXPENSES INCIDENTAL THERETO: 40D rROVIDING FOR THE ISSUANCE OF NEGOTIABLE BONDS OF SAID CITY FOR THE SUD2 OF X18,000-00 AND FIXING A 114XIMUlII RATE OF . INTEREST ON SAID BONDS AND DIRECTING THE GIVING OF NOTICE OF THE PROPOSED ISSUANCE TL"MREOF AND CALLING FOR BIDS THTI REON. VMPEAS, it is proposed that an undercrossing be constructed on Lewis Street in Pasco, V•;ashington, under the tracks and right of way .of' the Northern. Pacific Railv.ay Company, according to cert- ain plans heretofore adopted by the State Highway Department of the State of Vashington and placed on file in the office of the City. Clerk, and, VvTIEREAS, a condemnation proceeding has recently been had in the Superior Court for the purpose of fixing ,the damages to abutt- ing property owners -to be occasioned by said construction and such damages have been fixed and ascertained by judgment of said•court, and -it is necessary that before such construction work can be undertaken, that. such damages first be paid together with'the costs of said proceeding and other costs and expenses incidental to having such damages so ascertained, including the costs of a certain action instituted by B.L.Moline .and -wife against .-the City'of Pasco, :to enjoin such. construction, and, . WEREAS, the City is desirous of having said construction work pbw.proceed with the least possible delay, and, V'HEEREAAS, the City is without money or means with which to pay `'the said -damages, costs and expenses of said suits and other expen- ses incidental thereto, and, 1ZEREAS, the City Council has determined that it would be to the best interests of -said city of Pasco to pay the said damages, costs and incidental expenses at once, and, YHEREAS, the City Council deem it advisable to issue bonds to provide the money and means necessary to pay the said damages, costs, and incidental expenses as aforesaid, and, t_HERLAS, the existing indebtedness of the city of Pasco is $11,000,00 evidenced by the bonds knoi.n as Fire Equipment Bonds and issued under the authority of Ordinance No. 414, and said City is'without any indebtedness other than the said sum of $11,000.00, and the, existing value of the property of said City, according to the last assessment of property made for city <purposes, is -the sum of Vl, 459, 650,.00, and, "HEREAS, for the : ;rpose of ascertaining the amount for which the city may lawfully issue bonds without submitting the same to the vote of the. people of such city is entitled to a credit of $14,525.48 for uncollected taxes, due and delinquent and, VvYIEREAS7 the issuance of bonds in the sum of $18,Q00.00 would, together with the said existing indebtedness, after taking'said credit for such uncollected taxes, create an indebtedness against the City of less. than one and one-half per centum of the taxable value of the property of said city. NOVTHEREFORE, TrrjE CITY COUNCIL OF TEHE CITY OF PASM,, DO ORDAIN AS FOLLOVS; SECTION ONE; That the.City Council will issue its negotiable coupon bonds for the sum of %B8 000.00. SECTION TWO.:: That said bonds shall be thirty six in number and of . $500.00- each, serial inform and numbered from one up consec.- . .utively, and mature in the order of their numbers,as follows: �F Bond No, 1 July 2, 1938 $500.00 Bond No. 2 July 21 IL939 4500.00 Bond No. 3 July 2, 1940 500.00 $ond'No. 4 July 2, 1941 500.00 Bond No., 5 July 2, 1942 500.00 Bond No. 6 July 2, 1943 500.00 Bond.No. -7 July 2, 1944 500.00 Bond No.- 8 July 2, 1945 500,00 Bond No.. 9 July 21 1946 500.00 Bond No 10 July 2,, 1947 500.100 Bond No. 11 July 2, 1948 500.00 .Bond Nos. 12, 13, 14 July 2, 1949 1500,00 Bond Nos. 15,16,17 July 21 1950 1500.00 Bond Nos. 18,19,20 July 2, `1951 1500.00 Bond Nos, 21122123. July 2, 1952 1500.00 Bond Nos. 24,25, 26 July 2, 1953 1500.00 Bond Nos. V1289 29 July 2, 1954 1500.00 Bond -Nos, 30,31,32, July 25 1955 1500.00 Bond Nos. 33,34,35, 36 July 2, 1956 .2000.00 The Council.deems that such bonds and such maturities in such amounts, together. with interest and principal on all outstanding bonds, can be met by an equal' -annual tax for.the payment of said bonds and ;interest. The maximum rate of interest on the said bonds zX1 shall not exceed 5% per, annum. The City will reserve the right to -call and pay any or all of said bonds in the order of their maturity at any interest paying date after two years from the date.of their issue. SECTION THREE: Said bonds shall be knovm and designated as Grade Separation Bonds of the City of Pasco, shall be thirty-six in number and shall bear interest from the date of issue, payable semi-annually and shall be payable at the fiscal agency of the State of Washington in Nevi; York C'ity,New York., andshall bear date July 2, 1936 SECTION FOUR: It shall be the duty of the City Clerk to cause notice of the proposed issuance of siaid.bonds to be pub- lished in, the official; nei,4spaper of, said: city, once every -week ji for four successive weeks. The notice shall state for what pur- pose, and the total amount for which it is proposed to issue said bonds. It shall specify a place and the day and 'hour subsequent to the date of the last publication thereof, when sealed bids ehall be received and publicly opened for the purchase of said bonds._ It shall further specify the maximum rate of interest which said bonds shall bear and said interest shall be payable semi-annually and shall require.a bid of, (a) the lowest rate.of interest and premaim, if any,, above par at which such bidder will purchase said, bonds, and (b) the lowest rate of interest.which said bidder will purchase said bonds at par. It shall further >be the duty of the City Clerk, at least three weeks prior to the day fixed for the sale of said bonds, to mail a copy ofsuch notice to 'the State Finance Committee at Olympia, Washington, and give such other notice and publish such other advertisement thereof as may be directed by the City Council. The bonds shall be sold to the bidder making the best bid, subject to the right of this city to reject any and all bids and re -advertise None of the bonds shall be sold for less than par and accrued interest, nor shall any dis- count or commission be allowed or, paid on sale of such bonds. Passed by the affirmative vote of 6 members of the City Council, this 4 day of June, 1936, and approved by the Mayor on said date.. S.N.McGee Mayor. Attest: bury Ellison ` City Clerk Approved as ` to' form: C'. ins. 0' Br i.en _ City.Attorney I hereby certify that the foregoing is a true and correct copy of the original ordinance as passed and published and of which is now on record in my office. rCITY CLERK 13 Y -CE R T I F I C A T E We, the undersigned, the duly elected, qualifiied and acting Mayor and City Clerk of the City of Pasco, do here- by certiffy that the foregoing Ordinance No. 41 was duly passed by the City -Council of the City of Pasco on the 4th day of June, 1936, and that on the question of the passage thereof, 6 members of said City. Council voted in favor of the -!passage thereof. Dated this 4 day of June, 1936. S. N. McGee Mayor Mary Ellison - City Clerk I hereby certify that the foregoing'is a true and correct copy of the original ordinance as passed and published andof which is now on record in my office. CITY CLERK